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panies take direct investment patterns. Equity, mergers and acquisitions and greenfield investments are modes business usually takes at this stage. In the final stage, companies begin to get involved in some high-risk areas, companies try to make their own no difference from other local companies, that is, the enterprise at this stage is completely localized. At this stage, companies are faced with political risk, as well as the issue that enterprises lack the specified human resources. Companies often adopt a joint bid and capital operation to enter the target market.

Contributions 贡献
The contribution of any form of management studies has two aspects: the first is the theoretical significance for the management of the contribution of knowledge; the second is the practical contributions guiding the management practice. This dissertation studies the Chinese state-owned enterprises to enter overseas markets, analyzes the impact of its internal resources factors and external environmental factors, and comes to the model of the process of internationalization of Chinese state-owned enterprises. This dissertation aims to further extend the theory of international business to contribute to Chinese state-owned enterprises and to provide reference guide helping Chinese state-owned enterprises to carry out international operations successfully.
Theoretical contribution of the research includes the following two aspects. First, when the Chinese state-owned enterprises enter the international market, they need to analyze the factors in resources, capacity and other external environmental factors. Just from a theoretical perspective of analysis cannot get systematic understanding of the internationalization mode selection. Therefore, this study can deeply excavate the internal factors and external factors of Chinese state-owned enterprises to enter overseas markets, make up defects of a single theoretical perspective, and further improve the theoretical basis of influencing factors study of international market entry. Second, the traditional internationalization process theory makes emphasis on dynamic, ignoring the enterprise resource capacity. This study establishes the internationalization process model combing the internationalization process theory and resource-based theory, and introduces the internal resources and external environmental factors into the international business process model, providing a new way for the internationalization process theory.
Today’s world is in the wave of economic globalization, the development of emerging markets, the deepening international division of labour, technological advances in communications and the global distribution of multinational corporations have greatly promoted the economic integration worldwide. As the resources-owner in the Chinese market, state-owned enterprise’s participation in international competition is an inevitable choice for enterprise development. However, to enter the international market, it is necessary to conduct a thorough analysis of internal resources and external environment, in order to make a choice. The building of the internationalization process model for Chinese state-owned enterprises has certain implications for enterprises to enter the overseas market and choose the entry strategy. The internationalization process model proposed in this study also gives recommendations for the strategic adjustments that have en